Episode Notes

Hey everybody and welcome to this week's edition of The Small Biz Ahead Podcast. My name is Gene Marks and thanks so much for joining me this week. Let's talk about succession planning, shall we? I mean, it's a big, big issue for a lot of businesses. The Small Business Administration says that more than half of small business owners are over the age of 50. I think the average age of a typical small business owner is about 55 years old. We're getting old, right? And a lot of us are thinking about the future and what the future involves. And unfortunately, not enough of us though, are planning for succession. There was a study that came out in 2021 by PWC, PricewaterhouseCoopers called their Family Business Survey. They found that only 34% of businesses in this country, small businesses, had a formal succession plan in place.

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